Vast Exploration Inc. Announces $5 Million Equity Financing
Vast Exploration Inc., an independent oil and gas company announce that it has entered into an agreement with a syndicate of agents led by Canaccord Capital Corporation and including Genuity Capital Markets and Haywood Securities Inc. to issue, on a private placement “best efforts” agency basis, up to $5,000,000 in units at a price of $0.40 per Unit. Each unit will be comprised of one common share and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.50 for a period of 24 months following the closing of the Offering.
Vast intends to use the net proceeds from the Offering to further exploration of the Qara Dagh block and for working capital purposes. The Agents are entitled to receive a cash commission equal to 6% of the gross proceeds raised from the Offering and will be issued compensation options that will entitle them to acquire that number of Vast common shares that is equal to 6% of the Units sold under the Offering for a period of twelve months from the closing date.
